31 March, 2016
After sliding the previous week, oil prices managed to edge higher a day after the Easter as most of the market players hoped for the cooperation of the major oil producers to the output freeze on their meeting on April 17.
Brent crude futures changed hands at $40.53 per barrel, an increase of 9 cents while the U.S. crude’s front-month contract climbed to 20 cents to trade at $39.66 per barrel.
Despite the current surge in oil prices, most of the experts still believed that the global glut supply will weigh on the commodity in the long run, capping its gains. However, the downbeat U.S. oil output and the positive U.S. gasoline demand keep the oil prices steady.
The Organization of the Petroleum Exporting Countries will have a meeting in Doha, Qatar on April 17 and only 10 countries have agreed to grace the event at the time of writing. A senior oil and gas analyst shared that the conference of the OPEC members and non-members must bring something to address the unresolved issue of global glut or else the recent gains of the commodity will vanish instantly.
Based on the recent data released by the U.S. Energy Information Administration, crude oil inventories reached 9.4 million barrels to 532.5 million barrels the previous week.
For the week, the American Petroleum Institute will report its weekly data on U.S. oil supplies on Tuesday as the United States is on set to disclose its private sector data on consumer confidence. On the same day, Federal Reserve Chairwoman will deliver a speech at the Economic Club of New York.
On the other hand, the U.S. Energy Information will also report the data on weekly oil supplies on Wednesday while the United Kingdom will show its data on fourth quarter growth together with current account and net lending on Wednesday.
Investors are expected to be watchful on the U.S. stockpile and on the newest supply and demand signals for the week.
Market players kept their guards up as they await the US labor data report, a strong reading of which could urge the Federal Reserve to increase interest rates this month – a decision that would be bearish for non-interest bearing gold...
The US economic growth has been sluggish in the first quarter, although not as strongly as initially expected, amid an increase in spending on home architecture and a constant increase in inventory investment by business...
Oil prices increased more than 1 percent on Monday after Goldman Sachs stated that the market has ended for nearly two years of oversupply subsequent to a global oil disruptions and a market deficit...
The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil...
World stock markets rallied on Tuesday, fueled by a strong corporate earnings in Europe, including improvements on Greek debt talks and Japan’s new pledge in preparation to a weaker currency...
Gold prices ticked higher as the greenback slid to 16-month lows during the session earlier. On the Comex division of the New York Mercantile Exchange, gold delivery for June rallied at $1,303.85 per troy ounce, advancing $6.55 or 0.51 percent...
Analysts forecast that Germany DAX would hit 0.06 percent higher when the market opens, while France’s CAC 40 was anticipated to remain steady. Meanwhile, UK markets are closed due to a public holiday.
Shares in the U.S. plummeted following the decline of the stocks in the Asian market as the Bank of Japan left the interest rate unchanged...
Wall Street futures dropped on Friday after the Dow issued its first decline of more than 1% in two months, while investors are closely watching on data...